2QCY14: Mobile wallets reach 4.2 million

Quarterly increase of 11% registered, data shows.


Our Correspondent October 09, 2014

KARACHI:


The number of mobile wallets reached 4.2 million by the end of the second quarter 2014, registering a quarterly increase of 11%, data released by the SBP showed.


Mobile wallets are banking accounts that are opened mainly by the previously unbanked population through branchless banking agents.

Overall, the number of branchless banking (BB) transactions increased to 71.1 million, valuing Rs326.1 billion during the quarter. They were 4% higher in volume and 17% higher in value in comparison to the preceding quarter.

The average size of transaction stood at only Rs4,581, according to the SBP.

The volume and average size of branchless banking transactions are key indicators that measure access to finance by the unbanked population in the country. Currently, eight branchless banking players with country-wide presence of easy-to-access service delivery channels are offering an array of services, including bill payments, money transfers, government-to-persons (G2P) payments,  loan repayments, and mobile top-ups.

The combined agent network of branchless banking players has increased to 168,615 agents, registering 14% growth over the last quarter. While recent growth in the agent network is because of agent-sharing arrangements among players, the number of distinct agents is estimated to be around 80,000.

G2P payments worth Rs16.9 billion were made via branchless banking channels to 5.3 million beneficiaries during the April-June quarter as opposed to disbursements of Rs15.32 billion to 4.6 million beneficiaries in the preceding quarter.

Published in The Express Tribune, October 10th, 2014.

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